Theory:

Goods And Services Tax- GST
• The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption.
• The GST is remitted by the consumers and the traders and is one of the sources of income to the government.
Key Takeaways:
• GST is an Indirect tax.
• The GST is shared by the Central and State Governments equally.
• GST is destination based Tax.

Types of GST:
• Central GST, (CGST),
• State GST (SGST),
• Integrated GST (IGST) and for union territories, there is UTGST.

Products Under GST:
• The products such as hair oil, toothpaste, soap, computers and processed food, etc., come under GST.
• All these kind of products comes under the tax slab of $$5\%,12 \%, 18 \%$$  and $$28 \%$$.

Exempted Products On GST:
• There are also many products like eggs, honey, milk, salt, etc., which are exempted from GST.
• Products like petrol, diesel etc., do not come under GST and they are taxed separately.